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Home NEWS NEWS BITCOIN Looks like the Altcoin season has come as Bitcoin begins to ...

Looks like the Altcoin season has come when Bitcoin begins to consolidate

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Looks like the Altcoin season has come when Bitcoin begins to consolidate

After the massive (temporary) bull run ended with an all-time high for Bitcoin at around $ 41.000, the leading cryptocurrency re-tested its 21-day MA last week.

In other words, from here on, it looks like bitcoin is deciding whether to continue its upward trajectory or continue its correction. But there will probably be a long pause here.

During the 2017 bull run, we saw BTC correct by 40% multiple times. That would really be a powerful, frightening upheaval for other long-standing financial markets. But - and you have to be prepared for this - this is perfectly normal activity for the cryptocurrency market.

Meanwhile, at the moment, altcoins have been making strong bullish moves.

Polkadot (DOT) and Chainlink (LINK) are two of a group of altcoins that have set new record highs this week. Actually, this is normal.

After the Bitcoin price rises, we often see a massive price movement in the altcoin market. And at that time, Ethereum tends to be the "character" that leads the market to go up in price increases.

Once Bitcoin starts trading sideways or investors get some profit, some of that will flow into the altcoins. And that, of course, increases the price of these alternative investments.

As Raoul Pal notes, investors began looking for other potential sources of profit after the Bitcoin and Ethereum prices rose. Typically, altcoins can receive much greater returns than Bitcoin due to their small market cap.

And we can see early signs of a new market phase, as evidenced by the new highs of several altcoins.

One of the segments of altcoin that could get more investor attention - and therefore even more outstanding returns - is "decentralized finance" or; a DeFi, "darling "Of the cryptocurrency industry in 2020.

After the DeFi 2020 summer, more people know these coins now and they can turn their attention to it as this altcoin season begins. We are keeping a close eye on what we consider DeFi's "trump card".


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